There is an undeniable and biased preference, for off-Plan projects in Bangkok. This local reality is understandable, off-plan captures the imagination of investors and home buyers, with brilliant promises of “what could be, will be and should be”. On a more pragmatic-level, new condo launches also offer a thrilling and fast-paced opportunity to make a “quick buck” by flipping condo contracts before completion.
Until now, all this hype surrounding new projects has overshadowed Bangkok’s second-hand market. In many ways the resale market has played second fiddle to off-plan launches, often underrated and perceived as the conservative (Boring) way to invest!
However, rapidly rising land prices in Bangkok’s Central Business District is having a knock-on effect on new launches. Developers are inevitably transferring spiking land acquisition costs on buyers and prices per square meters of new developments are spiraling upwards. As a result of this market trend, local and international buyers have started to reevaluate their investment positions.
The Second-Hand Market is currently offering a unique selling point:
“Relative Affordability, compared to increasingly expensive off-plan launches.”
According to Plus Property Consultancy, prices of resale condos in Bangkok’s Central Business District are selling at discounted rates of 30-40% compared to newly launched condos. Buyers looking to invest in the Capital’s prime areas are now faced with the choice of settling for a cheaper second-hand condos or pricier but flashier off-plan condos.
This opportunity to acquire a Condo in Bangkok’s CBD at comparatively discounted sales prices, is predictably breathing new-life into the second-hand market. Unlike a few years back, second-hand condos now have natural momentum to substantially appreciate in value.
The attractive medium-term prospects of profiting from both capital appreciation and rental income are undeniably shifting mindsets. Attitudes and opinions of resale condos are gradually transforming and this could be the beginning of a dramatic upward trend!
Let’s explore this growing trend with real life examples:
The Line Sukhumvit 71/ WYNE Sukhumvit
The Line Sukhumvit 71 Project Info:
This luxury development by Sansiri was completed in 2016. It is a 28-storey high rise condo development with a total of 291 Units. It offers a range of blissful facilities such as a library, rooftop garden, swimming pool and fitness center.
WYNE Sukhumvit Project Info:
Project also developed by Sansiri completed in 2013. The Condominium is a 31-storey development consisting of 460 Condos. It offers a multitude of amenities to residents such as a rooftop garden, library, gym and beautiful swimming pool.
Rhythm Sukhumvit 42/ Nusasiri Grand
Rhythm Sukhumvit 42 Project Info:
Developed by established AP (Thai), this project was completed in 2016. The Condo is made-up of 36-storeys and a total of 407 residential units. This gorgeous development offers rooftop facilities such as a swimming pool, sky lounge and gym.
Nusasiri Grand Project Info:
This Project was developed by Nusasiri in 2007, it is conveniently and enviably connected to BTS Ekamai. The Condo is split in 2 Towers of 28 Floors and a total of 303 Units. It also offers a range of standard amenities such as a large pool, gym and 24-hour security.
Q Asoke/ Villa Asoke
Q Asoke Project Info:
This Condominium was developed by listed Developer Quality House. The Project was completed in 2015 and is conveniently located right next to MRT Phetchaburi. The Condo is 41 Floors (482 Units) and offers a range of luxury facilities.
Villa Asoke Project Info:
This art-deco style Condo was completed in 2013 and developed by TCC Capital Land. The Condominium is made-up of 42 Floors and 525 Units. Residents benefit from a range of luxury facilities such as a sunny pool, fully-equipped gym, sky library and sky lounge.
Note: The average prices per/sqm of the Projects, were calculated based on the publicly advertised prices of Condos by Fresh Property and competing agencies on Property Portals.